Page Comparison

Buildings

3050

Physical structure owned by the University

Building Improvements

3050

Permanent improvements made to buildings owned by the University

Right-of-Use Lease Asset / Liability

Lease Term

Ensure any lease signed (including, but not limited to buildings, equipment, machinery, etc.) is sent to generalledger@spu.edu. Recent accounting pronouncements impose additional reporting requirements. The GL Team will need all lease information available.

Machinery & Equipment

10

Devices, audiovisual, computers, machines, equipment meeting the definition of a Fixed Asset.

Vehicles

10

Cars, motorized carts, or any other vehicle meeting the definition of a Fixed Asset (bought or leased).

Library Books

20

Any purchase of a set of library books meeting the definition of a Fixed Asset.

Furniture & Fixtures

10

Furnishings such as seats, couches, desks, tables, whiteboards, display sets, etc. whose cumulative purchase meeting the definition of a Fixed Asset.

Musical Instruments

10

Any musical instruments bought and owned by the University meeting the definition of a Fixed Asset.

Artwork

Not depreciated

Pursuant to ASC 958-360-35-3, artwork need not be capitalized, and an election is available to treat as artwork fixed assets similar to land.

Land

Not depreciated.

Land as recorded as a Fixed Asset but is not depreciated.